American Water Works Reports Income Gain From Adding Customers
American Water Works Co. (AWK:US), the largest publicly traded U.S. water company, said adding 22,000 customers boosted net income as quarterly revenue fell short of analysts’ estimates.
Net income rose 38 percent to about $58 million, or 32 cents a share, from a year earlier, the Voorhees, New Jersey- based company said in a statement today. Sales increased 2.8 percent to $636.1 million, compared with expectations of $649.1 million, the average of nine estimates compiled by Bloomberg.
American Water Works reiterated that it expects 2013 earnings per share to be in the range of $2.15 to $2.25.
The company said yesterday it was increasing its quarterly dividend (AWK:US) 12 percent to 28 cents per share.
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